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Music School Tunes Up for Lincoln Park Sale

The Old Town School of Folk Music is selling the Lincoln Park building it has occupied since 1968, Crain’s Chicago Business reported. The school has hired Cushman & Wakefield’s Michael Marks to sell the historic property at 909 W. Armitage Ave.

Plans reportedly call for using sale proceeds to start a major endowment fund, which has a short-term target of $10 million. The school is betting on a high price for the 120-year-old, 9,000-square-foot property in a strong local market, where retail vacancies nearby have dropped 230 basis points from a year ago.

“The school has decided to take a brick-and-mortar asset that has served us for 50 years and convert it into a financial asset that will serve us into perpetuity,” the school’s Bau Graves told Crain’s. Old Town School moved to a new headquarters site in 1998, although it has continued to occupy 909 W. Armitage.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition